LOAN SPECIALISTS

We provide you with our experience, free for most lender products. We take care of researching many different lenders for you and we provide our services all around Australia. We are members of the Finance Brokers Association of Australia and are registered with ASIC as a Credit Representative.

There are different types of loans that can be assisted with.

Non conforming, Low doc or Prime loans.

Prime is simply a typical home loan applicant who may have PAYG earnings or are self employed for two years applicant. These types of loans can be prepared and submitted to major banks or credit unions and are offered the lowest interest rates or benefit from professional packages.

Non conforming are really anyone who, for one reason or another, has issues with being approved by a traditional lender. You may be self employed and not have two years of tax returns, have blemishes or defaults on your credit report, require to pay out creditors including ATO, are a new resident to Australia and don’t have employment or credit history. There are many reasons you may be a non conforming applicant but the good news is that we understand how to package these types of loans and submit them to a lender. We have access to many institutional lenders and also private funders who specialise in providing loan solutions to non conforming applicants.

Whilst it can take from between 4-6 weeks to settle on a residential property purchase or refinance, some lenders can provide an indicative offer within as short as an hour of submission of loan requirement. This may be subject to a valuation and assessment & verification of required supporting documents but it still can provide a pretty accurate indication of the lender scenario that can benefit you. More difficult scenarios may require extra time to assess. We are responsible for packaging the required documents for submission to the lender so we make sure we submit to the appropriate lender for your circumstances. Other things like requiring mortgage insurer approval, borrowing through a trust or super fund, being a non resident borrowing more than $2,000,000 or borrowing with a guarantor can all potentially add time to obtain approval or settle your facility, but we handle the process for you.

Whilst we submit loan online to many of our lenders there is a still a requirement for you to sign acceptances of certain documents or to provide original copies of identification documents such as drivers license or passport. Each lender have their own forms required and we will ask you for the required documents to submit to the lender.

Each lender may use different loan calculators to determine your borrowing capacity. Loan to valuation ratio (LVR) is also important to consider because if your borrowing exceeds 80% LVR then Lenders will usually require as a condition of approval that you pay for Lenders Mortgage Insurance (LMI). LMI is calculated as a percentage of insurers risk, so it can add many thousands of dollars onto your loan balance. Some lenders will lend this fee on top of what you qualify to borrow others will take this off the amount you’re approved for. Either way you’re paying it back so it’s a wise strategy to avoid LMI if possible.

Lenders will also want to ensure that you do not take on more borrowings than you can afford. There are responsible lending constraints that require brokers and lenders to ensure that accurate living expenses are taken into consideration when assessing your capacity to borrow to ensure you do not suffer from mortgage stress.

It’s important then to consider not only your personal funds available and what a lender can lend to you, but also all cost’s associated with your loan such as Government stamp duty and registration fees. The lender is required to remit government money to the appropriate Revenue office so its important to factor these costs into any property purchase decision?

It’s important to understand that what you have been approved for previously does not mean that you can qualify to be loaned again. Many lenders have changed the way they assess your serviceability to determine your borrowing capacity. This has led to the unique situation whereby applicants trying to refinance to a lower interest rate cannot do so because “they can’t afford it”. Revive Mortgages has can assess your loan requirements and then access different types of lenders to enable you to potentially save money on your mortgage.

Why not be as loyal to them as they are to you. We have had customers where we have been able to have their interest rate lowered by us talking to their bank. No refinance needed. The banks operate on profit margins – the difference between what they can access money at and what they lend it out at. They categorise customers so you may find that to attract new customers they will offer a low introductory rate that will then increase after a period. Customers who have been “loyal” for a number of years may not qualify for these lower sweetener rates. To access lower interest rates you, or a qualified broker, will need to check a range of lenders all with their different loan products. There are potentially hundreds of different loans in the market. Let us help you find a better rate to save.

Some borrowers think it may be too troublesome to take an hour or discussing potential savings with a professional broker. What if you were to be paid over a $100,000 for those hours? That is the potential savings you are missing out if you are loyal to the wrong lender compared to the rates that are offered by lower priced competitors. Is it worth finding out if we can save you?